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Section 14 – The Rehabilitation Finance Administration Act,1948

The Rehabilitation Finance Administration Act,1948

Section 14. Power call for repayment before agreed period

Notwithstanding any agreement to the contrary, the Administration may, by notice, require any borrower forthwith to repay in full with interest thereon any loan borrowed from it,-

(a) If it appears to the Administration that false or misleading information in any material particular was given by the borrower for obtaining the loan or while furnishing any information under section 17; or

(b) If the borrower has failed to comply with the terms of the contract with the Administration in the matter of the loan; or

(c) If there is a reasonable apprehension that the borrower is unable to pay his debts or that insolvency proceedings or proceedings for liquidation may be commenced against him; or

(d) If for any other reason it is necessary in the opinion of the Administration to protect the interests of the Administration.

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The Rehabilitation Finance Administration Act,1948

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